Research On The Impact Of Green Credit Policy On The Green Technology Innovation Of High-polluting Enterprises

Over the past 40 years of reform and opening up,China’s economy and society have developed vigorously,and it has now become the second largest market economy in the world.However,the extensive growth model of the traditional economy that only cares about the growth rate and ignores the quality of growth has caused huge damage to my country’s ecological environment.Problems such as waste of resources,environmental pollution,and abnormal climate have seriously hindered the high-quality development of my country’s economy.In order to coordinate the relationship between ecological protection and sustainable economic growth,my country has successively formulated and promulgated a series of environmental policies and regulations,and tried to use financial means to further promote the green development of my country’s economy.Green finance has thus become a hot Topic in society.As an important part of the green financial system,the green credit policy supports and guides enterprises to save energy and reduce emissions through the green allocation of bank credit resources,which is an important way to achieve green and sustainable development.The implementation of the green credit policy has effectively restricted the credit financing of high-polluting enterprises.Faced with the pressure brought by this environmental regulation,can high-polluting enterprises make expected adjustments? When faced with the credit constraints brought by the green credit policy,can we take the initiative to upgrade and transform through green technology innovation to achieve green and low-carbon development,so as to achieve the expected effect of policy implementation?This is the focus of this study.This paper uses my country’s A-share listed companies from 2008 to 2020 as a sample,takes the "Green Credit Guidelines" issued by the former China Banking Regulatory Commission in 2012 as a natural experiment,and establishes a double difference model to study whether the green policy is effectively implemented and its impact on high-polluting enterprises the impact of green technology innovation.It also examines the intermediary role of corporate R＆D investment and equity financing,in order to examine whether the green credit policy has been well implemented at the corporate level.Further,group regressions are carried out on companies with different ownership properties,different economic development levels,and different green patent types to test the differences in the impact of green credit policies on them.The research shows that（1）the green credit policy has a significant positive impact on the green technology innovation of high-polluting enterprises;（2）R＆D investment and equity financing play a partial intermediary role in green credit policies promoting green technology innovation in high-polluting enterprises;（3）The green credit policy has a significant positive impact on the green technology innovation of non-state-owned enterprises,while the impact on state-owned enterprises is not significant;（4）There are certain differences in the impact of green credit policies on regions.High-polluting enterprises in the central and western regions are strongly affected by the policy,while the impact in the eastern region is positive,but not significant;（5）The green credit policy has significantly increased the number of green utility model patents,while the increase in the number of green invention patents is not obvious.Based on the above research results,this paper puts forward a series of policy suggestions on the development and improvement of green credit in my country from the perspectives of the government,banking financial institutions and enterprises.It is hoped that through the full cooperation of the government,commercial banks and enterprises,my country will further improve the green financial system and realize the green and sustainable development of the economy.